Novo Nordisk built strong demand for Wegovy and Ozempic into a major driver of Denmark’s economic growth. But competition in the GLP-1 weight-loss market is intensifying, with Eli Lilly already ahead on some key products and Novo Nordisk’s market value under pressure. As more therapies reach the market over the next several years, the company’s ability to remain a leader will depend on expanding its existing products and turning its pipeline into commercial treatments.
Oral Wegovy joins Novo Nordisk’s portfolio
Novo Nordisk’s GLP-1 portfolio now includes an oral version of Wegovy, which launched in January 2026. The company is also awaiting regulatory approval for CagriSema, a next-generation combination treatment for weight loss. Clinical trials showed that CagriSema produced greater weight loss than Wegovy, whose active ingredient is semaglutide. However, it did not outperform Eli Lilly’s Zepbound in a head-to-head study.
Even so, CagriSema could become an important addition to Novo Nordisk’s approved product portfolio. The company also has several candidates in mid- and late-stage development. Amycretin is in Phase III trials for long-term weight management, with both injectable and oral formulations under evaluation.
Amycretin and UBT251 move through clinical development
Amycretin delivered average weight loss of up to 24.3% in an early 36-week study. If that result is confirmed in larger trials with longer follow-up, the drug could become a significant competitor in the weight-loss market. Early-stage data, however, do not establish eventual approval or commercial performance, making the later trials critical.
Novo Nordisk has also licensed UBT251 from a Chinese company. In a Phase II trial conducted in China, UBT251 produced average weight loss of up to 19.7% over 24 weeks. Amycretin and UBT251 are only part of Novo Nordisk’s development pipeline, but successful Phase III trials and regulatory approvals for both would materially broaden the company’s product coverage.
Eli Lilly, AbbVie and Amgen expand their pipelines
Novo Nordisk’s pipeline is not the only one drawing attention. Eli Lilly has released strong Phase III results for its next-generation obesity drug retatrutide, which is widely expected to be closer to a regulatory filing or approval. Other large drugmakers are also seeking an advantage through differences in dosing frequency and tolerability.
AbbVie and Amgen are developing long-acting medicines designed to reduce dosing to once a month, compared with Zepbound and Wegovy, which are generally administered weekly. Pfizer is developing its lead candidate PF-3944, with a focus that includes the potential for less frequent dosing and competitive tolerability.
Dozens of GLP-1 candidates are now in clinical trials at various stages. As more programs advance, the market could shift from being dominated by a small number of products toward more segmented competition based on efficacy, dosing schedules, tolerability and approved indications.
Additional indications could expand the market
More competition does not necessarily mean Novo Nordisk will lose its long-term position. Other highly competitive drug categories, including oncology and immunology, have supported multiple medicines with annual sales of several billion dollars. GLP-1 therapies are also moving beyond diabetes and obesity into other conditions, potentially leaving room for several companies.
Wegovy has already received an indication for metabolic dysfunction-associated steatohepatitis. Eli Lilly’s Zepbound has received an indication for obstructive sleep apnea. Recent clinical results have also indicated that Zepbound could eventually be used in combination treatment for patients with obesity and immune-related conditions such as plaque psoriasis.
At the same time, only a limited share of clinical programs ultimately reaches the market, and both Novo Nordisk and other drugmakers have experienced development setbacks. The number of current candidates therefore cannot be treated as a direct measure of future supply. Novo Nordisk’s long experience in diabetes care remains a core asset, while Eli Lilly has been a long-standing competitor in that market, giving both companies established development and commercial expertise.
The key tests over the next five years
Over the next five years, Novo Nordisk’s ability to launch several new GLP-1 therapies will directly affect its standing in the sector. If Amycretin, UBT251 and CagriSema advance as planned, the company could remain a major participant and improve financial performance that has come under pressure in recent years.
At the market price cited in the article, Novo Nordisk shares were trading at $41.71, down 1.93% on the day, while the stock had faced substantial pressure over the previous two years. Investors will be watching more than early weight-loss results: the key indicators include whether Phase III trials reproduce those outcomes, the pace of regulatory reviews, product pricing and the launch timetable for Eli Lilly and other competitors.